Angiotech to Cut Jobs, R&D

Its primary revenue source is royalties from the Taxus drug-eluting stent, marketed by Boston Scientific, which has been losing market share to new competitors from Abbott and Medtronic.The firm said that, among other things, it will close a manufacturing and research plant in Rochester, NY by the end of 2009, eliminate an unspecified number of jobs, cut back on its obligations to a joint venture with Genzyme Corp., and delay the launch of a drug-coated catheter. It will also cut back on office and laboratory space in Vancouver, BC, Herndon, VA, and North Bend, WA. And it canceled a deal announced in July, in which the firm planned to sell $200-300 million in convertible notes to two investment firms in order to form a new operating unit and reduce debt. It was not going to meet the level of cash and cash equivalents required in the terms of the deal.The firm said it will focus remaining investment and resources on its most promising near-term projects, mainly in the interventional radiology field. It will reduce spending on other R&D efforts.